“Every company, city, and country is becoming digital, navigating disruptive markets, …(and the) role in the digital transformation has never been more important.” – John Chambers, Former Chairman and CEO of Cisco Systems.
The era we live in today is a digital age where all industries have embraced and entered this digital world in some way. Industries get to harness the potential of digitization in various shapes and forms, thus making the best of this evolution.
The supply chain industry is no different and today, they rely heavily on digital technologies to ensure accurate data to help with deliverywhile optimizing resources.
Digital Transformation and the Supply Chain Industry
Managing the supply chain is a large and complicated area, which is chaotic and filled with multiple challenges. There is a lot of manual work which costs time and money and in a way is a futile exercise with excess paperwork.
Each stakeholder would want to manage their own paper work, ledger and data which could make things more complicated and in order to make sense of this data, a third party would need to be involved especially for bookkeeping.
It’s been 20 years that the Internet has entered into our lives. In today’s date, we have more than 2 billion users accessing the internet through various technological equipments not only on desktops, laptops, smart phones and tablets but also through everyday devices such as cars, lights, TV, thermostats, etc. Most electrical devices are now attached and controlled via the internet. These devices are “things” in the term commonly used, “internet of things”.
Origin and Meaning of Internet of Things
Kevin Ashton, digital innovation expert coined the term ‘Internet of Things’ or ‘IoT’ as, “If we had computers that knew everything there was to know about things—using data they gathered without any help from us—we would be able to track and count everything, and greatly reduce waste, loss and cost. We would know when things needed replacing, repairing or recalling, and whether they were fresh or past their best.”